Хабаршысы. Экономика сериясы (Jun 2023)
Investments in human capital: essence and evaluation of their effectiveness
Abstract
The article considers the concept of “investment in human capital”, presents a theoretical and instru-mental interpretation of the main components of human capital. The current assessment methods and indicators that characterize the effectiveness of investments in human capital are summarized. Also, a comprehensive and critical analysis of the current methodological aspects for assessing the effectiveness of investments in human capital was made. As the main structural component of human capital, a special place is given to education, which is considered as a property in the form of professional features and a self-increasing value based on an increase in the productivity of an employee, and, accordingly, is com-bined with an increase in wages. The creation of a methodology for assessing the economic efficiency of investments in education at the macroeconomic level is based on a comparison of public investment in education and the average salary in the country. The average salary is considered as a productive indica-tor of the effectiveness of investments in education. The money that is spent on educating the growing generation will in the foreseeable future determine the degree of education of the population of the state, and in turn, its competitive advantage in the world community. The proposed model for evaluating the effectiveness of investments in education is simple and convenient, it is able to link the efficiency of the company and the cost of human capital. The article shows the results of assessing the effectiveness of investments in the implementation of the State Program for the Development of Education and Science of the Republic of Kazakhstan for 2020 – 2025. The analysis of statistical data for Kazakhstan also shows the existence of a close relationship between the remuneration of employees and the volume of invest-ment in education.
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